Report Industry Investment Rating - Not provided Core Viewpoints - EUA gave back the previous day's gains due to the general decline in European and American stocks and currencies [2] - There are no new positive factors, while negative factors include increased global trade uncertainty and the general decline in European and American stocks [2] Summary by Related Catalogs Market Conditions - **Primary Market**: The auction price was 70.4 euros/ton, a decrease of 0.66%, and the bid coverage ratio was 1.04 [2] - **Secondary Market**: The EUA futures settlement price was 71.38 euros/ton, a decrease of 3.25%, and the trading volume was 32,500 lots, an increase of 0.10 [2] Strategy Core Logic - **Positive Factors**: No new positive factors [2] - **Negative Factors**: Increased global trade uncertainty and the general decline in European and American stocks [2] Auction Information - On February 23, 2026, the EUA auction price was 70.40 euros/ton, the CBAM certificate price was 75.65 euros/ton, the auction volume was 2.7125 million tons, the bid coverage ratio was 1.04, and the auction revenue was 190.96 million euros [4] - On February 20, 2026, the EUA auction price was 70.87 euros/ton, the CBAM certificate price was 75.65 euros/ton, the auction volume was 1.093 million tons, the bid coverage ratio was 2.60, and the auction revenue was 77.46 million euros [4] Futures and Spot Market Information - **Futures**: On February 23, 2026, the futures settlement price was 71.38 euros/ton, a decrease of 3.25% compared to February 20; the trading volume was 32,500 lots, an increase of 0.10; the open interest was 346,800 lots, with no change [5] - **Spot**: On February 23, 2026, the spot settlement price was 72.42 euros/ton, a decrease of 3.30% compared to February 20; the trading volume was 1,988 lots, a decrease of 248, and the freight cost accounted for 1.82% [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - EU plans to increase free quota supply, causing EUA to plummet [1] - The signal strength is 0 (0 means short position, ±1 means bullish/bearish, ±2 means long/short) [1] - Bullish factor: Latest data shows EU natural gas inventory is only about 39 - 43%, with Germany, France, and the Netherlands having particularly low inventory, lower than last year's and long - term average [1] - Bearish factors: (1) European and American stock markets closed down collectively, spreading market pessimism; (2) EU plans to relax emission restrictions on EU ETS enterprises and consider increasing free quotas [1] Group 3: Summary by Relevant Catalog Market Conditions - Primary market: The auction price is 80.55 euros/ton (-0.31%), and the bid coverage ratio is 1.45 [1] - Secondary market: The EUA futures settlement price is 78.2 euros/ton (-5.69%), and the trading volume is 71,700 lots (2.40) [1] - On February 5, 2026, the EUA auction price was 80.55 euros/ton, CBAM certificate price was 84.02 euros/ton, auction volume was 2.7125 million tons, bid coverage ratio was 1.45, and auction revenue was 218.49 million euros [3] - On February 4, 2026, the EUA auction price was 80.80 euros/ton, CBAM certificate price was 84.02 euros/ton, auction volume was 1.5245 million tons, bid coverage ratio was 2.03, and auction revenue was 123.18 million euros [3] - On February 5, 2026, the EUA futures settlement price was 78.20 euros/ton (-5.69%), trading volume increased by 2.40 ten - thousand lots to 7.17 ten - thousand lots, and the position remained unchanged at 35.55 ten - thousand lots [4] - On February 5, 2026, the EUA spot settlement price was 76.59 euros/ton (-5.67%), trading volume increased by 27.18% to 11,465 lots [4]